Hastings Equity Builds Leading Industrial Staffing Platform with Investment in ASG Staffing
Boston, MA (PRWEB) August 07, 2023 -- Hastings Equity Partners (“Hastings”), a preferred capital partner to founders of lower middle market businesses, is pleased to announce their Fund V portfolio company, TERRA Staffing Group (“TERRA”), has acquired ASG Staffing, Inc. (“ASG”). This is the first add-on investment TERRA has completed since Hastings acquired the company in January 2023.
Founded in 1995 by Chuck Porcelli and headquartered in Bensenville, IL, ASG provides high volume, skilled labor recruitment for customers across the Midwestern U.S., offering both temporary and direct hire solutions for employers and industrial workers. ASG serves light industrial customers operating in manufacturing, food manufacturing, and warehousing industries.
ASG is highly complementary to the scaled industrial staffing platform that Hastings is building. The combined platform will have a strong, well diversified customer base and a larger geographic footprint. Hastings’ investment in ASG adds 10 new staffing offices to the platform in the Midwest, accelerating TERRA’s eastward expansion strategy. The combined TERRA/ASG platform now operates out of 28 offices, serving customers across 9 different states.
"I could not be more excited to begin this partnership with the TERRA and Hastings team,” stated Chuck Porcelli, Founder of ASG. “My team and I believe in the growth of our organization, and we have found that TERRA and Hastings share the same enthusiasm for the staffing industry. I am confident in our ability to continue exceeding customers’ expectations by continuing to grow into new markets in the coming years.”
Grant Reckhow, Principal at Hastings, said of the investment, “ASG adds a strong, Midwest presence to TERRA and aids us in the goal to become a nationwide staffing provider. We continue to research the global trends in temporary labor and believe that this investment will enhance our ability to capitalize on them by providing labor solutions to companies with roles that are essential to productivity and output across various industries.”
The current senior leadership team will remain with ASG and are committed to the company’s continued growth and success under the TERRA platform.
Paul Hastings provided legal counsel and Equity Risk Solutions provided insurance services to Hastings on the acquisition.
About ASG Staffing, Inc.
ASG provides high volume, skilled labor recruitment for customers across the Midwestern U.S., with both temporary and direct hire solutions for employers and industrial workers. ASG serves light industrial customers operating in manufacturing, food manufacturing, and warehousing industries. ASG was founded in 1995 by Chuck Porcelli and is headquartered in Bensenville, IL. ASG has over 10 staffing offices across Illinois, Indiana, Wisconsin, and Tennessee. For more information, visit http://www.asgstaffing.com
About TERRA Staffing Group
TERRA Staffing Group is an award-winning, west coast-based staffing firm that provides industrial, administrative, and technical staffing across industries such as industrial, consumer products, food and beverage, and logistics. The company was founded 40 years ago and today operates out of 18 offices in five states. For more information, visit http://www.terrastaffinggroup.com
About Hastings Equity Partners
Founded in 2004, Hastings Equity Partners is a lower middle-market private equity firm. Hastings invests first institutional capital in North American founder-led companies within the industrial and business services sectors, where it has deep operating and investing experience. As a preferred capital partner, Hastings seeks to empower businesses to reach their full potential. For almost two decades, the firm has formed long-term partnerships with entrepreneurs while utilizing a hands-on approach to enhance operations, provide strategic support, and accelerate growth. For more information, visit http://www.hastingsequity.com
Eliza McGrath, Hastings Equity Partners, http://hastingsequity.com, 1 781-314-9599, [email protected]
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